Rupareliya files open offer for 13.24% of SABTNL shares

New Delhi: Sri Adhikari Brothers Television Network (SABTNL) has received a Letter of Offer dated October 10, 2025 from Grow House Wealth Management, acting as manager to the open offer on behalf of acquirer Kurjibhai Premjibhai Rupareliya and Leading Leasing Finance and Investment Company (LLFICL), according to a company disclosure to the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Under the offer, Rupareliya and LLFICL will acquire up to 53,46,238 fully paid-up equity shares of face value Rs 10 each representing 13.24% of SABTNL’s emerging voting share capital, at a price of Rs 10 per share in cash. The total consideration stands at Rs 5.34 crore.

The open offer follows a share purchase agreement dated June 14 2025, through which the acquirer agreed to buy 1.5 crore shares, or 37.15%, of SABTNL’s emerging voting share capital from Ruani Media Service Ltd, a promoter-group entity, for RS 15 crore. 

Following completion of the underlying transaction and the open offer, Rupareliya will take control of the company and be classified as its new promoter under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The offer opens on October 20, 2025 and closes on November 4, 2025. Skyline Financial Services Private Ltd is the registrar to the offer.

Grow House Wealth Management Private Ltd, the SEBI-registered merchant banker managing the transaction, confirmed that the offer is being made under Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The offer is not subject to any minimum level of acceptance, and no competing offer has been announced so far.

According to the Letter of Offer, if the transaction is completed with full acceptance, the acquirer and PAC would together hold 99.92% of SABTNL’s emerging voting share capital, reducing the public shareholding below the statutory minimum. 

The acquirer and PAC have stated that they will take appropriate steps within the prescribed timeline to restore public shareholding in line with regulatory requirements.